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  • 25. 2 GHVHQJUD[DQWH H R [DPSX SRGHP VHU DGTXLULGRV HP HPEDODJHQV LQGXVWULDLV FRP H OLWURV LQGLFDGRV SDUD ELNH VKRSV RILFLQDV H PRQWDGRUDV GH ELFLFOHWDV 2V SURGXWRV HVWmR D YHQGD HP SRQWRV GH YHQGD 9HMD D OLVWD DEDL[R 21'( (12175$5 6­2 3$8/2 $UDoDWXED 5RGD /LYUH $UDUDTXDUD 'XFN %LNH DPSLQDV 3Uy 6SRUWV )UDQFD 3HGDO 3Uy ,WDSHWLQLQJD %LNH 6KRS ,WDSHWLQLQJD ,WDWLED LFOR 5DVPXVVHQ -DFDUHt $OO 7UDFN +DUG 7UDFN 0RE %LNH H 0RE LFOR -XQGLDt 0HJD %LNHUV 5LQFRV %LNH H :RUOG %LNH 0DLULSRUm %LNH 0DQLD 0DXi '.6 0RJL GDV UX]HV %LNH 7HFK 0RJL 0RJL0LULP H 0RJL*XDoX 0DOYH]]LV %LNH 5LEHLUmR 3UHWR 0XOWLELNH 5LR ODUR 6SRUW %LNH 6DQWR $QGUp *HQHUDO %LNHV H 5LGHUV %LNH 6KRS 6DQWRV 3DWHUOLQH %LNHV
  • 26. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 27. 6mR -RVp GRV DPSRV *DPDLD 6SRUWV 6mR 3DXOR DSLWDO $OO %LNHV %LNH 6SHUDQ]D %LNHUVSRLQW %LNH 7HFK 3LQKHLURV
  • 28. %OXH %LNH LFOR $VVXQomR FORQH %LNHV (FR ELNH 3HGDO 3RZHU 3HGDO 8UEDQR 5LQFRV %LNH 626 %LNHV 6FDWW %LNHV 6SRUWV 6WDU 7RWDO %LNH 7UDLO %LNHV 7:: %LNHV H 9LVXDO %LNHV 6RURFDED =p %LNH LFOR pVDU 6$17$ $7$5,1$ %OXPHQDX 7ZLQV %LNH %UXVTXH $OL V %LNH H 'DU %LNH DPERUL~ %LFLFOHWDULD $TXDULXV ULFL~PD %LNH 3RLQW )ORULDQySROLV LFOHV +RIIPDQQ H %LNH 7HFK ,QGDLDO %LNH 6SHFN -RLQYLOOH 3HGDO 1D 7ULOKD H DVD 7XUQHV 7XEDUmR 6KRS %LNH 5,2 *5$1'( '2 68/ 3RUWR $OHJUH 5RGRFLFOR H 6FKHQDWR %LNHV 1RYR +DPEXUJR %HWRV %LNH DPSR %RP 6WXGLR %LNH D[LDV GR 6XO $OHQFDU -HUHPLDV H 9LD %LNH $-867( '2 $0257(('25 %5$,1 $SUHQGD D UHJXODU R DPRUWHFHGRU
  • 29. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 30. GD 6SHFLDOL]HG (SLF SDUD VHX SHVR 2 %UDLQ DPRUWHFHGRU WUDVHLUR GHVHQYROYLGR SHOD 6SHFLDOL]HG HP SDUFHULD FRP D )R[ p XP GRV PDLV DYDQoDGRV GD DWXDOLGDGH H RIHUHFH P~OWLSODV UHJXODJHQV TXH IDFLOLWDP D EDVWDQWH D YLGD GR SLORWR H DXPHQWDP R FRQIRUWR D SLORWDJHP H D VHJXUDQoD (QWUHWDQWR VHX XVR GHYH VHU SUHFHGLGR GH UHJXODJHQV HVSHFtILFDV SDUD FDGD FLFOLVWD SDUD TXH R IXQFLRQDPHQWR VHMD SHUIHLWR $-867( '$ 0(','$ '2 6$* 2 WHUPR 6$* HP LQJOrV VLJQLILFD DIXQGDU FHGHU GHVFHU 1D SUiWLFD R WHUPR 6$* p XVDGR SDUD GHVFUHYHU R TXDQWR D VXVSHQVmR DIXQGD TXDQGR R FLFOLVWD HVWi VREUH D ELFLFOHWD 9(-$ 3$662 $ 3$662 202 6( )$= 2 $-867( DOLEUH R DPRUWHFHGRU SHOD YiOYXOD GH DU GH DFRUGR FRP R SHVR GR FLFOLVWD $ WDEHOD DEDL[R WUD] XPD UHODomR HQWUH R SHVR GR FLFOLVWD H D SUHVVmR D VHU XWLOL]DGD QR DPRUWHFHGRU 'HVOL]H R DQHO ³2 5LQJ´ LQGLFDGRU GH FXUVR DQHO GH ERUUDFKD
  • 31. ORFDOL]DGR QD SDUWH H[WHUQD GD KDVWH GR DPRUWHFHGRU DWp HQFRVWDU QR UDVSDGRU GH ERUUDFKD FRQIRUPH D ILJXUD DEDL[R
  • 32. GD FkPDUD GH DU 2 FLFOLVWD GHYH HVWDU YHVWLGR FRP R VHX HTXLSDPHQWR FRPSOHWR LQFOXVLYH IHUUDPHQWDV QR EROVR H RXWUDV FRLVDV TXH FRVWXPD SHGDODU LQFOXVLYH FRP D PRFKLOD GH KLGUDWDomR DEDVWHFLGD VH IRUR FDVR RORTXH D ELNH SDUDOHOD D XPD SDUHGH GH PDQHLUD TXH YRFr SRVVD VHQWDU QR VHOLP H DSRLDU DV PmRV QR JXLGmR FRPR VH HVWLYHVVH SHGDODQGR 8VH R VHX MRHOKR SDUD DSRLDUVH QD SDUHGH H GHL[H VHX SHVR DJLU VREUH D ELNH SRU VHJXQGRV H GHVoD GD ELNH 0HoD D GLVWkQFLD GR GHVORFDPHQWR GR DQHO GH ERUUDFKD $ PHGLGD LQLFLDO UHFRPHQGDGD p GH PP $GLFLRQH RX UHWLUH SUHVVmR GH HP OLEUDV DWp FKHJDU QHVVD PHGLGD $-867( '2 5(72512 2 DMXVWH GR UHWRUQR GR DPRUWHFHGRU FRQWUROD D YHORFLGDGH GD H[WHQVmR GR DPRUWHFHGRU TXDQGR HOH VH HVWLFD QRYDPHQWH GHSRLV TXH IRL FRPSULPLGR SHORV REVWiFXORV GR WHUUHQR 2 ERWmR YHUPHOKR SUy[LPR j YiOYXOD GH DU TXDQGR JLUDGR QR VHQWLGR KRUiULR GLPLQXL D YHORFLGDGH GR UHWRUQR H QR VHQWLGR DQWLKRUiULR DXPHQWD (OH SHUPLWH XPD YDULDomR DPSOD GH DMXVWH FRQIRUPH D SUHVVmR XWLOL]DGD QR DPRUWHFHGRU H GH DFRUGR FRP R FRPSRUWDPHQWR GHVHMDGR QR WHUUHQR D VHU SHUFRUULGR 8P UHWRUQR PXLWR UiSLGR YDL ID]HU FRP TXH D VXVSHQVmR TXLTXH SDUD FLPD TXDQGR VH HVWHQGH DSyV WUDQVSRU XP REVWiFXOR H YDL SUHMXGLFDU R FRQWUROH GD ELNH -i XP UHWRUQR PXLWR OHQWR QmR GHL[DUi TXH D URGD DFRPSDQKH DV LUUHJXODULGDGHV GR WHUUHQR SRLV R DPRUWHFHGRU QmR FRQVHJXLUi HVWHQGHU D WHPSR SDUD WUDQVSRU XP REVWiFXOR DSyV VHU FRPSULPLGR ,VVR p HVSHFLDOPHQWH QRWDGR HP REVWiFXORV VXFHVVLYRV $ UHJXODJHP GR UHWRUQR *LUH R ERWmR YHUPHOKR QR VHQWLGR KRUiULR DWp R ILP 9RFr LUi VHQWLU FOLTXHV TXDQGR JLUDU R ERWmR 3DUD DMXVWDU FRQIRUPH LQGLFDGR QD WDEHOD JLUH R ERWmR QR VHQWLGR DQWLKRUiULR FRQWDQGR RV FOLTXHV FRQIRUPH D UHFRPHQGDomR
  • 33. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 34. $-867( '2 %5$,1 )$'( $OJXQV PRGHORV GH ELNHV SRVVXHP XP DMXVWH DGLFLRQDO FKDPDGR GH ,4 PRGHORV H
  • 35. TXH p IHLWR SRU PHLR GH XPD DODYDQFD D]XO ORFDOL]DGD HPEDL[R GD YiOYXOD GR %UDLQ (VVH DMXVWH UHJXOD D VHQVLELOLGDGH GD YiOYXOD GH WUDYDPHQWR *LUDQGR D DODYDQFD QR VHQWLGR DQWLKRUiULR ILUPHU
  • 36. @ D FDUJD QHFHVViULD SDUD GHVWUDYDU R DPRUWHFHGRU p PDLRU 1R VHQWLGR KRUiULR VRIWHU
  • 37. @ R DPRUWHFHGRU GHVWUDYD FRP PDLV IDFLOLGDGH 2V PRGHORV (SLF SRVVXHP XP UHFXUVR VLPLODU PDV FRP XP UHVXOWDGR GR DMXVWH XP SRXFR GLIHUHQWH (QTXDQWR QRV PRGHORV H R DPRUWHFHGRU VHPSUH WUDYD WRWDOPHQWH LQGHSHQGHQWHPHQWH GR DMXVWH QRV PRGHORV (SLF D UHJXODJHP PDLV PDFLD QmR GHL[D R DPRUWHFHGRU WUDYDU (OH WRUQD D FRPSUHVVmR EDVWDQWH GXUD HP YH] GH WUDYDU H VROWD FRP PXLWR PDLV IDFLOLGDGH PHQRV VRODYDQFRV 9(5,),$d­2 '2 $-867( 1$ 3('$/$'$ 'XUDQWH RX GHSRLV GH XPD SHGDODGD PHoD R GHVORFDPHQWR GR DQHO GH ERUUDFKD (VVD GLVWkQFLD GHYH VHU GH PP TXH p R FXUVR WRWDO GR DPRUWHFHGRU (P WULOKDV R LGHDO p TXH R FLFOLVWD XWLOL]H WRGR R FXUVR GR DPRUWHFHGRU SDUD SRGHU GHVIUXWDU GH WRGR R SRWHQFLDO GD VXVSHQVmR 6H R DPRUWHFHGRU QmR FRPSULPLU DWp R ILQDO UHWLUH D SUHVVmR GH HP OLEUDV DWp TXH R DPRUWHFHGRU FRPSULPD DWp R ILP GH FXUVR 5HDMXVWH R UHWRUQR FRQIRUPH DV DOWHUDo}HV GH SUHVVmR 0HQRV SUHVVmR VLJQLILFD XP UHWRUQR PDLV UiSLGR DQWL KRUiULR
  • 38. H PDLV SUHVVmR XP UHWRUQR PDLV OHQWR 9i GH XP HP XP FOLTXH DWp DFKDU R SRQWR FHUWR SDUD VXDV QHFHVVLGDGHV 63(,$/,=(' (3, )65 PRGHORV D 63(,$/,=(' (3, )65 PRGHOR ± %UDLQ )DGH 3HVR GR %LNHU .*
  • 43. *LUH R ERWmR YHUPHOKR GR UHWRUQR QR VHQWLGR KRUiULR VHQWLGR GD VHWD TXH LQGLFD 6/2:
  • 44. $R FKHJDU QR ILQDO GR DMXVWH TXDQGR R ERWmR QmR PRYHU PDLV JLUH QR VHQWLGR RSRVWR VHQWLGR GD VHWD TXH LQGLFD )$67
  • 45. H FRQWH RV FOLFNV GH DFRUGR FRP D VXJHVWmR GD WDEHOD DFLPD
  • 46. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 47. 5(9,6­2 3Ï6 (7$3$ RPR GHL[DU VXD ELNH SURQWD SDUD HQIUHQWDU D SURYD GR GLD VHJXLQWH 'LVSXWDU XPD SURYD SRU HWDSDV p R VRQKR GH WRGR FRPSHWLGRU GH PDUDWRQDV GH PRXQWDLQ ELNH RPSHWLo}HV FRPR D 9ROWD D 6DQWD DWDULQD HP 07% YHMD QRWtFLD
  • 48. 5DOL HUDSLy %LNH 5DFH $FURVV 3RZHU %LNHU H ,URQ %LNHU VmR DOJXQV H[HPSORV GHVVH WLSR GH SURYD QR %UDVLO $OpP GRV FXLGDGRV FRP R SUySULR EHPHVWDU ItVLFR R FRPSHWLGRU GHYHUi FXLGDU GH VXD ELNH SDUD TXH QR GLD VHJXLQWH WXGR HVWHMD HP SHUIHLWR HVWDGR SDUD PDLV XPD HWDSD $ SULRULGDGH GHYH VHU GDGD SDUD D WUDQVPLVVmR FRUUHQWH FRURDV H FDVVHWH
  • 49. FDERV GH IUHLR H FkPELR $ VXVSHQVmR WDPEpP GHYH UHFHEHU DWHQomR HVSHFLDO 2 LGHDO p LQLFLDU D UHYLVmR R PDLV EUHYH SRVVtYHO DSyV FDGD HWDSD SRLV R ELNHU WHUi PDLV WHPSR GH VROXFLRQDU HYHQWXDLV SUREOHPDV FRPR SQHXV IXUDGRV VXVSHQVmR WUDYDGD URGD HPSHQDGD VDSDWDV GH IUHLR JDVWDV UDLRV TXHEUDGRV HWF 2 PHFkQLFR -RmR 0DULD )272
  • 50. GD ELNH VKRS (OLWH %LNH GH DPSLQDV 63
  • 51. SURILVVLRQDO GHVGH H PHFkQLFR RILFLDO GD HTXLSH (OLWH %LNH HP WUrV HGLo}HV GR ,URQ %LNHU HQVLQD ³$ ELNH SRGH HVWDU LPXQGD GHVGH TXH D WUDQVPLVVmR HVWHMD EHP OLPSD 2 FLFOLVWD p R PRWRU GD ELNH 6H D WUDQVPLVVmR QmR HVWLYHU IXQFLRQDQGR D IRUoD PRWUL] SURGX]LGD SHOR ELNHU QmR YDL FKHJDU jV URGDV FRPR GHYHULD´ 2V SURFHGLPHQWRV DEDL[R IRUDP HODERUDGRV SDUD FRPSHWLo}HV GH PRXQWDLQ ELNH PDV VHUYHP WDPEpP SDUD DV SURYDV GH FLFOLVPR SRU HWDSDV /,03(=$ 2 IXQGDPHQWDO p PDQWHU OLPSRV H OXEULILFDGRV RV FRPSRQHQWHV GD WUDQVPLVVmR (QWUHWDQWR XPD ELNH FRPSOHWDPHQWH OLPSD DOpP GH VHU PDLV DSUHVHQWiYHO QD ODUJDGD GR GLD VHJXLQWH YDL FDXVDU ERD LPSUHVVmR DRV DGYHUViULRV H DR SUySULR FLFOLVWD 1mR p HP YmR TXH QDV JUDQGHV HTXLSHV Ki XP UHVSRQViYHO VRPHQWH SHOD OLPSH]D GDV ELNHV GRV DWOHWDV GD (OLWH 2 SULPHLUR SDVVR p HQFRQWUDU XP ORFDO WUDQTLOR SDUD D UHYLVmR 3RGH VHU QR SiWLR H[WHUQR GR KRWHO QR HVWDFLRQDPHQWR QD FDOoDGD RX DWp PHVPR QR LQWHULRU GR TXDUWR GR KRWHO -RmR 0DULD DFRQVHOKD FRPHoDU D OLPSH]D SHORV FDERV GR FkPELR GHSRLV DV VXVSHQV}HV D WUDQVPLVVmR SHGDLV H R GLVFR GH IUHLR 2 TXDGUR YHP SRU ~OWLPR 92Ç 9$, 35(,6$5 '(
  • 52. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 53. 3DQRV VHFRV H OLPSRV (VFRYD SDUD R FDVVHWH SRGH VHU HVFRYD GHQWDO
  • 54. ÏOHR SDUD FRUUHQWH ÏOHR HP VSUD GR WLSR :' 6LOLFRQH HP VSUD GR WLSR XVDGR HP SDLQpLV GH DXWRPyYHLV 'HVHQJUD[DQWH ÈJXD $%26 '( Æ0%,2 RORTXH R FkPELR WUDVHLUR QD PDLRU FDWUDFD GR FDVVHWH H R FkPELR GLDQWHLUR QD PDLRU FRURD (P VHJXLGD VHP JLUDU DV URGDV DFLRQH D DODYDQFD GR FkPELR H GHVoD WRGDV DV PDUFKDV $ LGpLD p DIURX[DU R FDER H FULDU XPD IROJD SDUD SHUPLWLU D UHPRomR GR FDER GRV HQFDL[HV GR TXDGUR SDUD D OLPSH]D H OXEULILFDomR YHMD PDWpULD HVSHFtILFD
  • 55. RP R FDER VROWR OLPSHR FRP XP SDQR VHFR H OXEULILTXHR HP VHJXLGD FRP R PHVPR yOHR TXH VH OXEULILFD D FRUUHQWH 5HSLWD D PHVPD RSHUDomR QR FDER GR FkPELR GLDQWHLUR H PRQWH WXGR QRYDPHQWH
  • 56. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 57. 6863(16®(6 (P SURYDV VRE FKXYD HYLWH TXH D ODPD VHTXH QDV FDQHODV GD VXVSHQVmR 1RUPDOPHQWH D VLPSOHV OLPSH]D FRP XP SDQR VHFR Gi FRQWD GR UHFDGR DSULFKH QD OLPSH]D QD UHJLmR GR UHWHQWRU DVR DV FDQHODV HVWHMDP HQODPHDGDV DSOLTXH R yOHR :' H VHTXH FRP XP SDQR 3DUD PDLV HILFiFLD DSOLTXH XP SRXFR GR VSUD GH VLOLFRQH QDV FDQHODV 75$160,66­2 3ULPHLUDPHQWH H[DPLQH R HVWDGR GRV FRPSRQHQWHV GD WUDQVPLVVmR 8PD SURYD GLVSXWDGD VRE FKXYD H FRP PXLWD ODPD 9ROWD D 6 HP 07% SRU H[HPSOR
  • 58. YDL H[LJLU PDLV DWHQomR QD OLPSH]D TXH XPD ELNH TXH URGRX HP WHUUHQR VHFR H FRP SRHLUD 3RZHU %LNHU H HUDSLy SRU H[HPSOR
  • 59. %LNHUV PDLV H[SHULHQWHV SRGHUmR DEULU D FRUUHQWH H UHWLUiOD GD ELNH SDUD XPD OLPSH]D PDLV GHWDOKDGD H HILFLHQWH 2 XVR GR HOR GR WLSR ³3RZHUOLQN´ YHQGLGRV DYXOVR QDV ERDV ELNH VKRSV IDFLOLWD EDVWDQWH D YLGD QHVVDV KRUDV SRLV GLVSHQVD R XVR GH IHUUDPHQWDV SDUD DEULU D FRUUHQWH 6H D FRUUHQWH HVWLYHU FRP PXLWD ODPD R LGHDO p TXH VHMD ODYDGD SULPHLUDPHQWH FRP XP GHVHQJUD[DQWH GR WLSR FLWUXV YHQGLGR QDV ERDV ELNH VKRSV
  • 60. H HQ[DJXDGD SRVWHULRUPHQWH FRP iJXD FRUUHQWH RUUHQWHV HPSRHLUDGDV SRGHP VHU OLPSDV FRP D VLPSOHV XWLOL]DomR GH XP SDQR VHFR $ VHJXLU OLPSH R FDVVHWH H D FRURD FRP XPD HVFRYD GH FHUGDV GXUDV 1D IDOWD GH XPD HVFRYD DSURSULDGD XPD HVFRYD GH GHQWHV UHVROYH R SUREOHPD 6H KRXYHU DF~PXOR GH EDUUR QR FkPELR DSOLTXH R yOHR GR WLSR :' H UHPRYD D VXMHLUD FRP XP SDQR VHFR )272 $,0$
  • 61. $SyV D OLPSH]D GRV FRPSRQHQWHV GD UHODomR OXEULILTXH D FRUUHQWH FRP SDFLrQFLD 9HMD PDWpULD TXH WUD] GLFDV LPSRUWDQWHV GH FRPR OXEULILFDU FRUUHWDPHQWH FRUUHWDPHQWH 2 PHUFDGR RIHUHFH RSo}HV GH NLWV GH OLPSH]D TXH IDFLOLWDP EDVWDQWH D WDUHID )272
  • 62. $OJXQV Mi WUD]HP R GHVHQJUD[DQWH H D HVFRYD LQFOXtGRV 287526 20321(17(6 /LPSH WDPEpP RXWURV FRPSRQHQWHV LPSRUWDQWHV FRPR R SHGDO GH HQFDL[H H DSOLTXH XPD OHYH FDPDGD GH OXEULILFDQWH SDUD FRUUHQWHV QD VXSHUItFLH RQGH YDL HQFDL[DGR R WDTXLQKR GD VDSDWLOKD 6H D ELNH WLYHU IUHLR D GLVFR OLPSHR FRP XP SDQR VHFR RX VH SUHIHULU FRP iJXD H VDEmR QHXWUR 48$'52 $SyV D OLPSH]D GRV FRPSRQHQWHV p D YH] GR TXDGUR 8P TXDGUR OLPSR VHPSUH FDXVD ERD LPSUHVVmR QD ODUJDGD H HVWLPXOD R FRPSHWLGRU $ ODYDJHP GD ELNH FRP iJXD FRUUHQWH p VHPSUH R PDLV LQGLFDGR SRUpP VH R KRWHO QmR RIHUHFHU HVVD IDFLOLGDGH H[LVWHP RXWUDV PDQHLUDV GH VH ID]HU D OLPSH]D 6H D SURYD IRL HP WHUUHQR ODPDFHQWR OLPSH R TXDGUR FRP XP SDQR RX XPD HVFRYD PDFLD DQWHV GR EDUUR VHFDU WRPDQGR R FXLGDGR SDUD QmR
  • 63. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 64. ULVFDU D SLQWXUD $SOLTXH QD SLQWXUD XP VSUD GH :' H UHWLUH R H[FHVVR FRP XP SDQR VHFR (P VHJXLGD DSOLTXH XP VSUD GH VLOLFRQH H VHTXH FRP RXWUR SDQR VHFR $ SLQWXUD YDL ILFDU QRYD H QmR YDL DWUDLU SRHLUD 3DUD PDLV GHWDOKHV GH XPD OLPSH]D D VHFR YHMD D PDWpULD FRPSOHWD /,03(=$ $ 6(2 0HVPR GHQWUR GH XP DSDUWDPHQWR VDLED FRPR PDQWHU VXD ELNH OLPSD 5(9,6­2 3Ï6 3529$ RP D ELNH WRGD OLPSD H OXEULILFDGD p D KRUD GH YHULILFDU R SHUIHLWR IXQFLRQDPHQWR GH WRGRV FRPSRQHQWHV SDUD HYLWDU GRUHV GH FDEHoD QD HWDSD GR GLD VHJXLQWH ,PSURYLVH XP FDYDOHWH ± LVVR SRGH VHU IHLWR SHQGXUDQGRVH R VHOLP GD ELNH HP XPD PDGHLUD SRU H[HPSOR ± H JLUH DV URGDV GD ELNH H HIHWXH YiULDV PXGDQoDV GH PDUFKD 6H SUHFLVDU GH DMXVWH SURFHGD FRPR QD PDWpULD Æ0%,2 75$6(,52 6H QmR VRXEHU UHJXODU R FkPELR SHoD DMXGD 9HULILTXH R HVWDGR GDV VDSDWDV GH IUHLR RX GD SDVWLOKD GR IUHLR D GLVFR HVSHFLDOPHQWH HP WHUUHQRV ODPDFHQWRV 6H IRU QHFHVViULR IDoD D VXEVWLWXLomR 2EVHUYH D EDQGD GH URGDJHP GRV SQHXV FRP DWHQomR 3URFXUH SRU HVSLQKRV YLGURV SUHJRV RX TXDOTXHU FRUSR HVWUDQKR TXH SRVVD RFDVLRQDU XP IXUR 1R FDVR GH SQHXV GH ELNHV GH FLFOLVPR HVVD YHULILFDomR GHYH VHU PLQXFLRVD H IHLWD FRP DWHQomR UHGREUDGD )272
  • 65. RQGLo}HV VHYHUDV GH XWLOL]DomR SRGHP RFDVLRQDU R YD]DPHQWR GH DU GH VXVSHQV}HV H DPRUWHFHGRUHV WUDVHLURV SQHXPiWLFRV KHTXH D SUHVVmR H UHFDOLEUH FDVR VHMD QHFHVViULR 6H QmR WLYHU D ERPED DSURSULDGD HPSUHVWH GH DOJXP FRPSHWLGRU 9HULILTXH FRP DWHQomR R HVWDGR GDV URGDV FRP DWHQomR HVSHFLDO SDUD RV UDLRV 6H DOJXP GHOHV HVWLYHU TXHEUDGR VXEVWLWXDR RX SURFXUH DMXGD GH DOJXP H[SHUW RQILUD R DSHUWR JHUDO GRV SDUDIXVRV HP HVSHFLDO R GR SHGLYHOD SHGDLV FDQRWH JXLGmR H PHVD (YLWH VXUSUHVDV QD ODUJDGD GR GLD VHJXLQWH H DQWHV GH FDLU QR VRQR H UHFXSHUDU DV IRUoDV SDUD R SUy[LPR GLD YHULILTXH QRYDPHQWH RV SQHXV )XURV PXLWR SHTXHQRV OHYDP PXLWR EDVWDQWH SDUD PXUFKDU RV SQHXV )LQDOPHQWH GHL[H WXGR SURQWR SDUD D HWDSD GR GLD VHJXLQWH URXSDV GH FRPSHWLomR VHSDUDGDV IHUUDPHQWDV FDPHOEDN RX FDUDPDQKRODV DEDVWHFLGDV DOLPHQWRV GD SURYD HWF $ ~QLFD SUHRFXSDomR GH XP FRPSHWLGRU QR GLD GD FRUULGD GHYH VHU HP ID]HU D PHOKRU SURYD SRVVtYHO
  • 66. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 67. 752$ 5È3,'$ '( 31(8 0DUFLR 5DYHOOL HQVLQD RV PDFHWHV SDUD WURFDU D FkPDUD HP WHPSR UHFRUGH 7H[WR 0DUFRV $GDPL )RWRV 7LFR 8LWDPD 2 WHPSR p SUHFLRVR HP FRUULGDV GH ELFLFOHWD 'LVVR WRGR PXQGR VDEH 2 TXH SRXFD JHQWH VDEH p FRPR WURFDU XP SQHX R PDLV UiSLGR SRVVtYHO ± H DLQGD FRQWLQXDU QXPD SURYD 'LIHUHQWHPHQWH GDV SURYDV GH FLFOLVPR HP TXH DV HTXLSHV VmR UHVSRQViYHLV SHOD VXEVWLWXLomR GD URGD GD ELNH QR PRXQWDLQ ELNH R SUySULR SLORWR GHYH ID]HU D VXEVWLWXLomR GD FkPDUD IXUDGD 2 SLORWR LWXDQR 0DUFLR 5DYHOOL YH]HV FDPSHmR EUDVLOHLUR GH PRXQWDLQ ELNH p EDVWDQWH H[SHULHQWH H UiSLGR HP WURFDV GH FkPDUD H p FDSD] GH VXEVWLWXLU XPD FkPDUD HP PHURV VHJXQGRV 1R FLFOLVPR XPD URGD GLDQWHLUD p WURFDGD HP VHJXQGRV FRQWDQGR D GHVDFHOHUDomR H D SRVWHULRU DFHOHUDomR 5DYHOOL FRQWD TXH HP XPD HWDSD GD RSD GR 0XQGR HP 3RUWXJDO HP HVWDYD HQWUH RV TXDQGR WHYH XP IXUR ³7URTXHL H PRQWHL D FkPDUD H YROWHL SDUD D SURYD H WHUPLQHL HP ž´ UHOHPEUD ³(P QR ,URQ %LNHU HVWDYD QD OLGHUDQoD FRP EDVWDQWH YDQWDJHP TXDQGR WLYH XP SQHX IXUDGR )L] D WURFD UDSLGLQKR H DLQGD YROWHL FRPR OtGHU GD SURYD´ 3$662 $ 3$662 /HYH XPD FkPDUD Mi VHPLLQIODGD H GREUDGD QR EROVR WUDVHLUR GD FDPLVD GH FLFOLVPR 1R FDVR GH IXUR SDUH LPHGLDWDPHQWH QXP ORFDO OLPSR H VHJXUR 6H R SQHX IXUDGR IRU R WUDVHLUR EDL[H DV PDUFKDV SDUD D PHQRU FDWUDFD SDUD IDFLOLWDU D UHWLUDGD GD URGD $EUD D EORFDJHP VROWH R FDER GR 9%UDNH H UHWLUH UDSLGDPHQWH D URGD RP D DMXGD GD HVSiWXOD UHWLUH XP ODGR GR SQHX UHWLUH D FkPDUD IXUDGD H JXDUGHD QR EROVR (QFDL[H R ELFR GD FkPDUD QRYD QR ORFDO FRUUHWR H D VHJXLU LQVWDOH D FkPDUD VHPLLQIODGD GHQWUR GR SQHX
  • 68. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 69. RP DV PmRV HQFDL[H DV ERUGDV GR SQHX QR DUR YHMD PDFHWHV
  • 70. (YLWH XVDU DV HVSiWXODV $SyV R SQHX HVWDU WRGR HQFDL[DGR QR DUR HQJDWH D ERPED GH 2 H DFLRQH R JDWLOKR RP R SQHX LQIODGR LQVWDOH D URGD QD ELNH H HQFDL[H R FDER GR 9 %UDNH 3RU ILP YHULILTXH VH D URGD HVWi JLUDQGR OLYUHPHQWH JXDUGH DV IHUUDPHQWDV H SURQWR 2875$6 ',$6 7UHLQH D WURFD GH FkPDUD HP FDVD 1D KRUD ³+´ R WUHLQDPHQWR YDL ID]HU WRGD D GLIHUHQoD 3QHXV FRP D ODWHUDO GH .HYODU DOpP GH PDLV OHYHV VmR PXLWR PDLV IiFHLV GH PRQWDU H GHVPRQWDU H GLVSHQVDP HVSiWXOD /HYH VHPSUH PDLV GH XP FLOLQGUR GH DU FRPSULPLGR (P SURYDV ORQJDV FRPR R ,URQ %LNHU R LGHDO VmR WUrV FLOLQGURV )LTXH VHPSUH DWHQWR jV FRQGLo}HV GH FRQVHUYDomR GR SQHX H GD FkPDUD SDUD HYLWDU VXUSUHVDV 31(8 5$6*$'2 $SUHQGD D LPSURYLVDU XPD VROXomR H VHJXLU SHGDODQGR ,PDJLQH D VHJXLQWH FHQD EHP QR PHLR GH XPD SHGDODGD GH PRXQWDLQ ELNH VHX SQHX GH UHSHQWH HVWRXUD 9RFr HVWi GLVWDQWH GD FLGDGH H GH XP WHOHIRQH $ VDtGD QHVVH FDVR p LPSURYLVDU ( IRL R TXH IH] R ILVLRWHUDSHXWD /HDQGUR 6RXVD GH DPSLQDV 63
  • 71. HP XPD GHVVDV DYHQWXUDV MXQWR j QDWXUH]D ( FULDWLYLGDGH H LPSURYLVR QmR IDOWDUDP $R ID]HU IRUoD SDUD YHQFHU XP IRUWH DFOLYH R SQHX WUDVHLUR GH VXD *LDQW 6HGRQD HVWRXURX $ IRUoD GD H[SORVmR GD FkPDUD GH DU DEULX XP UDVJR GH XQV FP QD ODWHUDO GR SQHX QR VHQWLGR GD FXUYDWXUD EHP MXQWR DR DUR 6RXVD H VHXV GRLV FRPSDQKHLURV GH SHGDO Vy WLQKDP XPD VROXomR SDUD YROWDU RV FHUFD GH NP DWp D FLGDGH LPSURYLVDU
  • 72. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 73. 2 SULPHLUR SDVVRX IRL GHVPRQWDU D URGD WUDVHLUD H VXEVWLWXLU D FkPDUD TXH ILFRX LQXWLOL]DGD 2 PDLRU SUREOHPD VHULD FRPR PRQWDU D QRYD FkPDUD QR SQHX UDVJDGR QD ODWHUDO 8P VLPSOHV PDQFKmR QmR GDULD FHUWR SRLV DOpP GH VHU JUDQGH FP
  • 74. R UDVJR HUD QD ODWHUDO H QR VHQWLGR GD FXUYDWXUD GR SQHX *UDQGH SDUWH GD FkPDUD YHOKD GDQLILFDGD
  • 75. IRL HQWmR FXLGDGRVDPHQWH HQURODGD DR UHGRU GD QRYD FkPDUD QD UHJLmR RQGH HVWDYD R UDVJR GR SQHX 7RPRXVH R FXLGDGR SDUD TXH D iUHD IRVVH IDUWDPHQWH FREHUWD SHOD FkPDUD YHOKD 3DUD FRUWDU R SQHX /HDQGUR XVRX RV SUySULRV GHQWHV $ URGD IRL PRQWDGD H LQIODGD FRP D ERPED PDQXDO 0DV D FkPDUD QRYD LQVLVWLD HP IRUPDU XP UHVVDOWR FDORPER
  • 76. QR SQHX DPHDoDQGR VDLU SHOR UDVJR $ VROXomR IRL UHIRUoDU H[WHUQDPHQWH R SQHX 3DUD LVVR /HDQGUR XWLOL]RX RV UHVWRV GD FkPDUD HVWRXUDGD H D DPDUURX FRP XP Qy EHP ILUPH
  • 77. VREUH R FDORPER TXH VH IRUPRX QR SQHX $LQGD FRP D URGD IRUD GD ELNH R SQHX IRL LQIODGR SDUFLDOPHQWH 2 UHSDUR KDYLD IXQFLRQDGR PDV KDYLD XP SUREOHPD R LPSURYLVR QmR VXSRUWDULD XPD FDOLEUDJHP QRUPDO H QD WUDVHLUD SUDWLFDPHQWH WRGR R SHVR GR FLFOLVWD p WUDQVIHULGR SDUD D URGD WUDVHLUD 2 MHLWR IRL GHVPRQWDU WXGR QRYDPHQWH H WUDQVIHULU R SQHX WUDVHLUR UHPHQGDGR SDUD D GLDQWHLUD H SDVVDU R GLDQWHLUR SDUD D WUDVHLUD $ILQDO QD GLDQWHLUD R SHVR VRIULGR SHOR SQHX p EHP PHQRU $SyV PRQWDU R SQHX ERP QD WUDVHLUD H R DYDULDGR QD GLDQWHLUD IRL QHFHVViULR GHVPRQWDU R 9%UDNH GLDQWHLUR SDUD TXH R FDORPER GR Qy GR SQHX UHPHQGDGR SXGHVVH JLUDU OLYUHPHQWH 2 SQHX GLDQWHLUR DTXHOH GDQLILFDGR TXH HVWDYD QD WUDVHLUD
  • 78. IRL FDOLEUDGR FRP DSUR[LPDGDPHQWH OLEUDV R VXILFLHQWH SDUD SRGHU YROWDU SDUD FDVD $ LPSURYLVDomR RX ³JDPELDUUD´ VH SUHIHULU VH PRVWURX EDVWDQWH HILFD] H D SHGDODGD GH UHJUHVVR IRL GHYDJDU H FDXWHORVD PDV VHP WUDXPDV 'LFDV ([DPLQH FRP IUHTrQFLD R HVWDGR GRV SQHXV $OpP GD EDQGD GH URGDJHP YHULILTXH VHPSUH R WDOmR GR SQHX DTXHOD SDUWH FRP DUDPH TXH YDL MXQWR DR DUR
  • 79. 1DV WULOKDV OHYH VHPSUH SHOR PHQRV GXDV FkPDUDV GH UHVHUYD ERPED H HVSiWXODV 5HPHQGRV OL[D H FROD WDPEpP VmR GHVHMiYHLV 9HULILTXH WDPEpP R HVWDGR GDV FkPDUDV UHVHUYDV H GD FROD (OHV SRGHP VH GDQLILFDU QR LQWHULRU GD EROVD GH VHOLP 7HQKD SHOR PHQRV XP FDQLYHWH FRP FKDYHV DOOHQ IHQGD H SKLOOLSV QR VHX NLW GH VREUHYLYrQFLD KDYH GH FRUUHQWH H FKDYH GH UDLRV FRPSOHWDP R DUVHQDO GH IHUUDPHQWDV %RD SDUWH GR WHUULWyULR QDFLRQDO Mi HVWi FREHUWR FRP VLQDO GH WHOHIRQLD FHOXODU /HYH R VHX WHOHIRQH DLQGD TXH GHVOLJDGR (OH SRGHUi VHU ~WLO QXPD HPHUJrQFLD 4XDQGR HQFRQWUDU RXWURV ELNHUV HP GLILFXOGDGH RIHUHoD DMXGD
  • 80. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 81. %,.(6 '( $/80Ë1,2 RQKHoD DV YiULDV OLJDV GHVVH PHWDO H VXDV DSOLFDo}HV QD LQG~VWULD FLFOtVWLFD 3RU :HVOH .HVWUHO LFOLVPR%U 1DV DWXDLV IDEULFDo}HV GH TXDGURV SDUD ELFLFOHWDV R DoR LQFOXLQGR R IDPRVR ³FURPR´
  • 82. SDVVRX SRU VXD pSRFD GRXUDGD H KRMH p XPD UDULGDGH UHVHUYDGD DSHQDV SDUD DV ELFLFOHWDV GH EDL[D FRPSHWLWLYLGDGH SDUD FULDQoDV RX SDUD ELFLFOHWDV H[FOXVLYDV QD VXD PDLRULD IDEULFDGDV D PmR SRU DUWHVmRV ( SRU IDODU HP H[FOXVLYLGDGH R UHL WHP VLGR VHP G~YLGD R WLWkQLR 7DPEpP R FDUERQR DSDUHFH FDGD YH] PDLV QDV FRPSHWLo}HV SULQFLSDOPHQWH HP HWDSDV GH ORQJD GXUDomR H D FDGD GLD DSDUHFHP PDLV FRPSRQHQWHV HP FDUERQR QR PHUFDGR PXQGLDO $ JUDQGH YHUGDGH p TXH KRMH D LPHQVD PDLRULD GRV TXDGURV GH ELFLFOHWD DVVLP FRPR RXWURV PXLWRV FRPSRQHQWHV VH IDEULFDP HP DOXPtQLR (VWH p R PDWHULDO PDLV HVFROKLGR SHODV LQG~VWULDV ( VHUi PXLWR GLItFLO GH VHU GHVEDQFDGR GHYLGR D VXDV YDQWDJHQV VHUHP PXLWDV 7HQWDUHPRV H[SOLFDU GD PHOKRU IRUPD D GLIHUHQoD SRU H[HPSOR GH XP DOXPtQLR SDUD XP DQRGL]DGR ( IDUHPRV GH XPD PDQHLUD WpFQLFD FRP GDGRV REMHWLYRV 3DUD FRPHoDU 2 TXH p R DOXPtQLR $V FDUDFWHUtVWLFDV EiVLFDV GR DOXPtQLR VmR FRQKHFLGDV SRU WRGRV p XP PHWDO EUDQFR FRP XP EULOKR EDVWDQWH FDUDFWHUtVWLFR OHYH UHODWLYDPHQWH PDFLR FRP XPD JUDQGH FRQGXWLYLGDGH WpUPLFD H HOpWULFD H XPD ERD UHVLVWrQFLD j FRUURVmR 2 DOXPtQLR p R PHWDO PDLV DEXQGDQWH GD VXSHUItFLH WHUUHVWUH H FRQVWLWXL DSUR[LPDGDPHQWH GR WRWDO GD FURVWD GR QRVVR SODQHWD 2 DOXPtQLR SXUR QmR VH XWLOL]D QD PDLRULD GDV DSOLFDo}HV LQGXVWULDLV SRUTXH DV SURSULHGDGHV PHFkQLFDV GXUH]D H UHVLVWrQFLD IXQGDPHQWDO
  • 83. TXH WHP QmR VmR GH JUDQGHV LQWHUHVVHV 1R JHUDO WHP XPD UHVLVWrQFLD PHFkQLFD EDVWDQWH OLPLWDGD 2 TXH VHPSUH p XWLOL]DGR p VHFR HP IRUPD GH OLJDV GH DOXPtQLR RX VHMD R DOXPtQLR PHVFODGR FRP SHTXHQDV TXDQWLGDGHV GH RXWURV HOHPHQWRV FRPR ]LQFR PDJQpVLR VLOtFLR HWF (VWHV HOHPHQWRV VmR DGLFLRQDGRV HP TXDQWLGDGHV QRUPDOPHQWH PXLWR SHTXHQDV H GHQWUR GH XPD PDUJHP PXLWR UHVWULWD PHVPR DVVLP VmR VXILFLHQWHV SDUD TXH DV SURSULHGDGHV GH UHVLVWrQFLD WpFQLFD GXUDELOLGDGH UHVLVWrQFLD j IDGLJD H D FRUURVmR
  • 84. PXGHP HP DOJXQV FDVRV GH PDQHLUD HVSHWDFXODU
  • 85. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 86. 7LSRV GH OLJD GH DOXPtQLR $V OLJDV GH DOXPtQLR VmR FODVVLILFDGDV GH DFRUGR FRP VXD QXPHUDomR H GLVWULEXHPVH HP RLWR JUXSRV RX VpULHV LGHQWLILFDGRV SRU TXDWUR Q~PHURV GHVGH [[[ DWp [[[ 2 SULPHLUR Q~PHUR p R TXH LGHQWLILFD D OLJD GRPLQDQWH 2V GR JUXSR [[[ VmR DOXPtQLRV GH DOWD SXUH]D FRP XP PtQLPR GH 6mR XWLOL]DGRV HP DSOLFDo}HV QDV TXDLV DV FDUDFWHUtVWLFDV PHFkQLFDV QmR VmR PXLWR LPSRUWDQWHV TXDQWR D UHVLVWrQFLD H D FRUURVmR RX FRQGXWLYLGDGH HOpWULFD 'R UHVWR GDV VpULHV DV TXH PDLV QRV LQWHUHVVDP VmR 2V [[[ VmR PHVFODGRV FRP FREUH R TXH PHOKRUD PXLWR VXD UHVLVWrQFLD PHFkQLFD (P ELFLFOHWDV QmR VH XVDP PXLWR 2V [[[ VmR PHVFODGRV FRP PDJQpVLR H VLOtFLR 2V WtSLFRV RX GH PXLWRV TXDGURV VmR IHLWRV QHVWH JUXSR EDVLFDPHQWH SRUTXH VH PROGD IDFLOPHQWH H WHP ERDV SURSULHGDGHV PHFkQLFDV 2V [[[ HVVHV VmR PHVFODGRV SULQFLSDOPHQWH FRP ]LQFR 1HVWD VpULH D PDLV XVDGD HP ELFLFOHWD p R 2V DOXPtQLRV GHVWD VpULH WrP PDJQtILFDV SURSULHGDGHV PHFkQLFDV PDV QmR WmR IiFHLV GH PROGDU FRPR RV [[[ 2 SRU H[HPSOR WHP XPD H[WUDRUGLQiULD UHVLVWrQFLD PDV QmR VH XWLOL]D SDUD WXERV GR TXDGUR DSHQDV SDUD IRUPDV PDLV VLPSOHV FRPR JXLG}HV H FRURDV $ UHVLVWrQFLD j FRUURVmR p QR JHUDO SLRU TXH RXWUDV VpULHV PDV SDUD XPD ELFLFOHWD QmR p XP IDWRU GH JUDQGH LPSRUWkQFLD 2 UHVWR GDV VpULHV QmR VmR XWLOL]DGRV QD LQG~VWULD GD ELFLFOHWD H VmR XVDGDV DSHQDV SDUD RXWUDV DSOLFDo}HV (VWD FODUR TXH XP Q~PHUR PDLRU QmR TXHU GL]HU TXH R PDWHULDO XWLOL]DGR VHMD PHOKRU RPR H[HPSOR YDPRV FRORFDU XP DOXPtQLR W TXH p PXLWR VXSHULRU QD UHVLVWrQFLD PHFkQLFD GR TXH R 7 H R 7 'XUDQWH D IDEULFDomR GRV TXDGURV H[LVWH DSyV RV TXDWURV GtJLWRV TXH VLJQLILFDP DV VpULHV
  • 87. XPD OHWUD UHSUHVHQWDGD SHOR ³7´ H PDLV XP Q~PHUR TXH VLJQLILFD R WUDWDPHQWR WpUPLFR XWLOL]DGR QR SURFHVVR GH IDEULFDomR 1R FDVR GDV ELFLFOHWDV R PDLV XWLOL]DGR H PDLV LPSRUWDQWH SDUD VHU H[SRVWR DTXL p R 7 WUDWDPHQWR QR TXDO DV SURSULHGDGHV PHFkQLFDV GR DOXPtQLR PHOKRUDP QRWDYHOPHQWH
  • 88. 2 DOXPtQLR GR PHX TXDGUR QmR p QHQKXP GHVVHV 3RU TXr %HP FRPR HP WRGR PHUFDGR RV WHPDV FRPHUFLDLV WHQGHP D JHUDU XPD FHUWD SROrPLFD PXLWDV PDUFDV QmR XWLOL]DP D QXPHUDomR SDGUmR SDUD FODVVLILFDU R DOXPtQLR HP EXVFD GH XPD H[FOXVLYLGDGH 3DUD FRPSOLFDU DLQGD PDLV D FRLVD H[LVWHP IDEULFDQWHV TXH XVDP GHQRPLQDo}HV GH TXDWUR Q~PHURV WDPEpP PDV TXH QmR ID]HP SDUWH GR SDGUmR GDV VpULHV GR DOXPtQLR (VWDV QXPHUDo}HV GHVLJQDGDV IRUD GH SDGUmR Vy VmR FRQKHFLGDV SHORV SUySULRV IDEULFDQWHV ¬V YH]HV GmR DOJXPD SLVWD H GL]HP TXH p XP DOXPtQLR GD VpULH SRU H[HPSOR RXWUDV YH]HV QmR GL]HP QDGD ³%HP GHSRLV GH WRGD HVVD H[SOLFDomR TXDO DOXPtQLR p PHOKRU SDUD ELFLFOHWD +DELWXDOPHQWH DV OLJDV PDLV XWLOL]DGDV HP TXDGURV GH DOXPtQLR VmR DV H GHL[DQGR VHPSUH j SDUWH DV RXWUDV GHQRPLQDo}HV ³FyGLJRV XVDGRV SHORV IDEULFDQWHV´ 1R HVWDGR 7 DPERV WrP SURSULHGDGHV PHFkQLFDV PXLWR VLPLODUHV OLJHLUDPHQWH PHOKRUHV QR FDVR GR HVSHFLDOPHQWH QD UHVLVWrQFLD 1D UHDOLGDGH DV GLIHUHQoDV VmR PXLWR SHTXHQDV H DV OLJDV TXH LQFRUSRUDP R HVFkQGLR VFDQGLXP
  • 89. VmR D H[FHomR SRLV VXDV SURSULHGDGHV VmR VLJQLILFDQWHPHQWH PHOKRUHV 5HVXPLQGR e ERP VDEHU TXH QmR YDOH D SHQD HQFKHU D FDEHoD GH Q~PHURV SRUTXH SRGHP VH IDEULFDU TXDGURV GH ERD H SpVVLPD TXDOLGDGH FRP TXDOTXHU XPD GDV OLJDV GH DOXPtQLR KDELWXDLV SDUD ELFLFOHWD
  • 90. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 91. 5()250$ (21Ð0,$ 8PD DORL QRYLQKD HP IROKD JDVWDQGR DSHQDV 5 4XDQGR IL] DQRV HP PLQKD DYy PH GHX XPD DORL 77SH GH SUHVHQWH 7RGR GLQKHLUR TXH HX JDQKDYD HUD LQYHVWLGR HP SHoDV SDUD D ELNH (VWDYD OLQGD (VVH DQR QR GLD GR PHX DQLYHUViULR PH URXEDUDP HOD 2 PXQGR FDLX 8P GLD HVWDYD D FRQYHUVDU FRP XPD YL]LQKD TXH PH GLVVH TXH WLQKD XPD DORL HQFRVWDGD TXH QLQJXpP XVDYD PDV HVWDYD XP SRXFR YHOKD (QWmR HOD PH GHX D ELFLFOHWD 'HL[HL HOD HQFRVWDGD DTXL HP FDVD SRLV TXHULD RXWUD PRXQWDLQ ELNH H VDELD TXH LD JDVWDU PXLWR GLQKHLUR QD UHIRUPD GD ELFLFOHWD SRLV HVWDYD HP SpVVLPR HVWDGR 2 TXDGUR HVWDYD UD]RiYHO RV FXERV WRWDOPHQWH WUDYDGRV QmR WLQKD FkPELR GLDQWHLUR QHP VHOLP IDOWDYD D FRURD PHQRU GR SHGLYHOD WLQKD XP JXLGmR UHWR GH PWE H WRGDV DV SHoDV HVWDYDP FRP IHUUXJHP QXP HVWDGR LUUHFXSHUiYHO 'HSRLV GD UHIRUPD D ELNH ILFRX SHUIHLWD 2 PDQHWH GH IUHLR 'LD RPSH FRP IXURV SDUD DOLYLDU SHVR
  • 92. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 93. 8P PrV GHSRLV MXQWHL R GLQKHLUR H FRPSUHL XPD $OIDPHT GH XP DPLJR PHX /LQGD (UD D ELFLFOHWD GRV PHXV VRQKRV 3DVVHL WUrV GLDV ID]HQGR UHYLVmR SRLV VRX PXLWR SHUIHFFLRQLVWD )LFRX XP VKRZ 0DV HUD PXLWR ERP SUD VHU YHUGDGH 'XDV VHPDQDV GHSRLV HQWUDUDP HP PLQKD FDVD H D URXEDUDP (X TXHULD PRUUHU 1mR WLQKD FRPR DUUXPDU GLQKHLUR SUD FRPSUDU RXWUD VHPHOKDQWH 5HVROYL HQWmR TXH LULD UHIRUPDU D DORL 6y PH DUUHSHQGR GH QmR WHU WLUDGR IRWRV GR HVWDGR LQLFLDO (VWDYD UHDOPHQWH WHUUtYHO 6y DSURYHLWHL R TXDGUR R JDUIR H D FDUFDoD GRV FXERV 6XQVKLQH
  • 94. TXH SRU VHUHP GH DOXPtQLR GHX SUD UHFXSHUDU 2 UHVWR IRL WXGR SUR OL[R RPHFHL UHVWDXUDQGR RV FXERV )RL Vy ODYDU FRP ERPEULO TXH ILFDUDP QRYRV H PH HPSROJRX EDVWDQWH RORTXHL HL[R IXUDGR FRP EORFDJHP QRV GRLV $t IXL DWUiV GDV SHoDV WRGDV
  • 95. 3RU VRUWH VRX DPLJR GR GRQR GR 626 5RGDV DTXL GH 6mR DUORV H FRPR HOH p DXWRUL]DGR DORL WHP EDVWDQWH SHoDV HP HVWRTXH 4XDVH WXGR XVDGR PDV HP ERDV FRQGLo}HV 3DVVHL YiULDV WDUGHV IXoDQGR QD ORMD H VHSDUDQGR R TXH LQWHUHVVDYD RQVHJXL SUDWLFDPHQWH WRGDV DV SHoDV 1mR JDVWHL QHP 5 'HPRUHL FHUFD GH XP PrV SDUD ILQDOL]DU R VHUYLoR 2 FRQMXQWR GH IUHLR p LQWHLUR GD 'LD RPSH 2V PDQHWHV HX DFKHL QRYRV GHQWUR GD HPEDODJHP 2 FRQMXQWR GH FDPELR p LQWHLUR 6XQWRXU RQVHJXL XP FkPELR GLDQWHLUR LQWHLUR GH DOXPtQLR DOpP GH DEUDoDGHLUDV SDUD FDER GH DoR TXH GHUDP XP FKDUPH HVSHFLDO QD ELFLFOHWD 2 SHGLYHOD p 7UDFHU FRP FHQWUR TXDGUDGR 7RGDV DV SHoDV VmR GH DOXPtQLR H[FHWR R FkPELR WUDVHLUR SRU LVVR D ELNH ILFRX EHP OHYH 'HSRLV GH WXGR UHIRUPDGR PLQXFLRVDPHQWH OL[HL R TXDGUR DGDSWHL XPD DEUDoDGHLUD GR VHOLP GH $OIDPHT SRLV R JDQFKLQKR RULJLQDO HVWDYD PXLWR WRUWR H PRQWHL SDUD HYHQWXDLV DMXVWHV DQWHV GD SLQWXUD RPSUHL DURV GH DOXPtQLR QRYRV H UDLRV GH LQR[ 1D GLDQWHLUD IRL PRQWDGR FRP UDLRV PP VHP FUX]DU 2V SQHXV VmR ,5 +3 $SyV XPD VHPDQD URGDQGR QXPD GHVDWHQomR EDWL QXP FDUUR SDUDGR H HQWRUWRX R JDUIR RPSUHL XP HP DoR FURPDGR 'HVPRQWHL H SLQWHL R TXDGUR FRP VSUD XVR JHUDO RORUJLQ YHUPHOKR 8P VSUD GHX FHUWLQKR SDUD GHPmRV )L] XP WUDEDOKR PXLWR FDSULFKDGR )LFRX EHP OLVR H VHP HVFRUULGRV $SyV DOJXQV DMXVWHV ILFRX XP VKRZ 1mR VDLX EDUDWR *DVWHL XQV 5 PDV FRPSUDQGR WXGR 5HIRUPDU XPD ELNH LQWHLUD ILFD EHP PDLV EDUDWR 2 FkPELR 6XQWRXU GH YHORFLGDGHV (P DOXPtQLR R SHGLYHOD 7UDFHU 2 VHOLP IRL IL[DGR FRP XPD DEUDoDGHLUD $OIDPHT FRP TXLFN UHOHDVH
  • 96. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 97. /,03(=$ '$ 255(17( 9RFr VDEH PHVPR@ OLPSDU H OXEULILFDU D FRUUHQWH 3RU 0DUFRV $GDPL 0DQWHU D FRUUHQWH R FDVVHWH H DV FRURDV OLPSDV p XP SUpUHTXLVLWR HVVHQFLDO SDUD TXH WRGR R FRQMXQWR GH WUDQVPLVVmR IXQFLRQH EHP H PDLV TXH LVVR GXUH EHP PDLV 8PD WUDQVPLVVmR EHP OLPSD H OXEULILFDGD FKHJD D GXUDU DWp D PDLV /LPSH]D QHVVH FDVR p VLQ{QLPR GH HFRQRPLD 8PD FRUUHQWH OLPSD WDPEpP WUDEDOKD GH IRUPD PDLV VLOHQFLRVD H SUHFLVD 0DV YRFr VDEH PHVPR FRPR TXH VH OLPSD H OXEULILFD R VLVWHPD GH WUDQVPLVVmR FRUUHWDPHQWH $ FRUUHQWH H RV GHPDLV FRPSRQHQWHV GD WUDQVPLVVmR GHYHP ILFDU DEVROXWDPHQWH OLPSRV 92Ç 9$, 35(,6$5 '( 'HVHQJUD[DQWH SRGH VHU TXHURVHQH GLHVHO RX GHVHQJUD[DQWHV FtWULFRV
  • 98. 3LQFHO HRX HVFRYD GH GHQWHV 6DEmR HP Sy /XEULILFDQWH SDUD FRUUHQWHV GH ERD TXDOLGDGH )LQLVK /LQH 3HGUR V RX VLPLODU LPSRUWDGR
  • 99. ÈJXD OLPSD j YRQWDGH 3LQFHO DW{PLFR RSFLRQDO
  • 100. $ /$9$*(0 2 SULPHLUR SDVVR p ODYDU EHP WRGR R VLVWHPD GH WUDQVPLVVmR TXH LQFOXL DOpP GD FRUUHQWH DV FRURDV R FDVVHWH DV FDWUDFDV
  • 101. H RV GRLV FkPELRV $ OLPSH]D GHYH FRPHoDU FRP D DSOLFDomR GR GHVHQJUD[DQWH FRP XP SLQFHO SRU WRGR R VLVWHPD GH WUDQVPLVVmR (VIUHJXH EHP D FRUUHQWH FRP D HVFRYD GH GHQWHV HOR SRU HOR FXLGDGRVDPHQWH /LPSH WDPEpP R FDVVHWH DV
  • 102. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 103. FRURDV H DV UROGDQDV GR FkPELR WUDVHLUR (Q[iJH FRP EDVWDQWH iJXD FRUUHQWH H UHSLWD QRYDPHQWH D RSHUDomR 0HWLFXORVDPHQWH (Q[iJH WXGR GH QRYR H DJRUD SUHSDUH XPD VROXomR GH VDEmR HP Sy FRP iJXD HP XP EDOGH 8P SXQKDGR GH VDEmR FRP XQV GRLV OLWURV G iJXD p R EDVWDQWH $SOLTXH HVWD VROXomR FRP R SLQFHO SRU WRGR R VLVWHPD RP D HVFRYD GH GHQWHV HVIUHJXH HOR SRU HOR GD FRUUHQWH DSULFKH QR FDVVHWH H QDV UROGDQDV GR FkPELR WUDVHLUR (VSHUH R VDEmR DJLU SRU XQV PLQXWRV H HQ[iJH WXGR QRYDPHQWH 6HJXUH HP GRLV SRQWRV GD FRUUHQWH GLVWDQWH XQV FP XP GR RXWUR H WRUoDD OHYHPHQWH FRP RV GHGRV $ FRUUHQWH HVWDUi DEVROXWDPHQWH OLPSD TXDQGR YRFr QmR VHQWLU QHQKXP DWULWR GH VXMHLUD HQWUH DV SDUWHV GD FRUUHQWH $ VHQVDomR GHYH VHU D GH PHWDO HVIUHJDQGR FRQWUD PHWDO Vy DVVLP D FRUUHQWH HVWDUi EHP OLPSLQKD H SURQWD SDUD UHFHEHU D OXEULILFDomR ILQDO 'LFD H[LVWHP IHUUDPHQWDV HVSHFLDLV SDUD D OLPSH]D GH FRUUHQWH TXH HYLWDP VXMHLUD 2 PRGHOR ,FH 7RRO] IRWR
  • 104. FXVWD SRXFR PDLV GH 5 H p EDVWDQWH SUiWLFR 'HL[H D ELNH VHFDU QDWXUDOPHQWH DR VRO FXLGDGR SDUD QmR GHL[DU PXLWR WHPSR H[SRVWD HVSHFLDOPHQWH VH R TXDGUR IRU GH ILEUD GH FDUERQR
  • 105. RX XVH DU FRPSULPLGR GLUHWDPHQWH QD WUDQVPLVVmR SDUD DFHOHUDU D VHFDJHP 'HSRLV GH FRPSOHWDPHQWH VHFD p D KRUD GD OXEULILFDomR 4XH WDPEpP WHP VHXV VHJUHGLQKRV 8P FRUUHQWH p IRUPDGD SHOD SODFD H[WHULRU SODFD LQWHULRU UHELWH RX SLQR
  • 106. H SHOD DQLOKD TXH p XP DQHO TXH WUDEDOKD VROWR HQYROYHQGR R SLQR 4XDQGR OXEULILFDPRV D FRUUHQWH TXHUHPRV QD UHDOLGDGH TXH D SHOtFXOD GH yOHR OXEULILTXH DV SDUWHV PHWiOLFDV TXH DWULWDP HQWUH VL $ DQLOKD DOpP GH DWULWDU HP VHX LQWHULRU FRP R SLQR DWULWD HP VXD SDUWH H[WHULRU R ODGR GH IRUD GD DQLOKD
  • 107. FRP RV GHQWHV GDV HQJUHQDJHQV FRURDV H FDVVHWH
  • 108. 2 VHJUHGR HVWi HP OXEULILFDUPRV GD IRUPD PDLV HILFLHQWH SRVVtYHO DV SDUWHV TXH HQWUDP HP FRQWDWR PHWDOPHWDO /8%5,),$d­2 e UHFRPHQGDGR R XVR GH yOHR HVSHFLDO SDUD FRUUHQWHV GH ELFLFOHWDV +i YiULDV PDUFDV LPSRUWDGDV QR PHUFDGR 3HGURV 5RFN 1 5ROO HWF
  • 109. HQWUHWDQWR QR %UDVLO D PDUFD PDLV FRPXP p D QRUWHDPHULFDQD )LQLVK /LQH 1R GHVHQKR DR ODGR SODFD LQWHULRU SODFD H[WHULRU SLQR GD FRUUHQWH DQLOKD 2 SUREOHPD HP XVDU yOHR GR WLSR GRPpVWLFR 6LQJHU p TXH HOH QmR DGHUH EHP j FRUUHQWH H HVFRUUH QD SULPHLUD SHGDODGD 6y ILFD D VXMHLUD H TXH VXMHLUD $ YDQWDJHP GRV OXEULILFDQWHV HVSHFLDLV SDUD FRUUHQWHV GH ELFLFOHWD p D OLPSH]D D ERD DGHUrQFLD j FRUUHQWH H D YLVFRVLGDGH FRUUHWD SDUD HVWH XVR HVSHFtILFR 3$662 $ 3$662 '$ /8%5,),$d­2 RORTXH QD FRURD PHQRU RX FRURD GR PHLR QDV PRXQWDLQ ELNHV H HP DOJXPD PDUFKD LQWHUPHGLiULD QR FDVVHWH RP R SLQFHO DW{PLFR SLQWH D ODWHUDO GH XP GRV HORV GD FRUUHQWH SDUD VHUYLU GH PDUFDomR RPHFH D OXEULILFDomR SHOR HOR PDUFDGR ',$ RPHFH D OXEULILFDU SHOD SDUWH LQIHULRU GD FRUUHQWH D TXH HVWi PDLV SUy[LPD DR FKmR ,VWR p LPSRUWDQWH SDUD TXH D SHOtFXOD GH yOHR HVFRUUD SDUD GHQWUR GD FRUUHQWH 9i JLUDQGR R SHGDO H OXEULILFDQGR SDUWH SRU SDUWH GD FRUUHQWH
  • 110. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 111. 8PD PtQLPD TXDQWLGDGH GH yOHR GHYH VHU DSOLFDGR HOR SRU HOR 1D PHGLGD GR SRVVtYHO GHL[H FDLU DSHQDV GH XPD JRWD $ HPEDODJHP GRV OXEULILFDQWHV LPSRUWDGRV FRPR R )LQLVK /LQH IDFLOLWDP HVVD RSHUDomR ,VVR p LPSRUWDQWH SDUD PDQWHU D FRUUHQWH VHPSUH OLPSD 4XDQWR PDLV yOHR PDLV VXMHLUD VHUi DWUDtGD SDUD JUXGDU QD WUDQVPLVVmR $ DSOLFDomR GR yOHR GHYH VHU IHLWD QR VHQWLGR WUDQVYHUVDO j FRUUHQWH RX VHMD D SHOtFXOD GH yOHR GHYH VH LQVWDODU HQWUH DV SODFDV H[WHUQDV H LQWHUQDV H HVFRUUHU SDUD GHQWUR GD DQLOKD )DoD FRP TXH R yOHR HQWUH SHODV IUHVWDV PDUFDGDV QD IRWR DR ODGR ',$ $SyV OXEULILFDU FDGD VHWRU VHJXUH HP GRLV SRQWRV GD FRUUHQWH H WRUoDD OHYHPHQWH YiULDV YH]HV (VVH PRYLPHQWR YDL SHUPLWLU TXH R yOHR HVFRUUD SDUD GHQWUR GDV DQLOKDV 7HUPLQDGD D OXEULILFDomR GD FRUUHQWH GHLWH D ELNH H OXEULILTXH WDPEpP D SDUWH LQWHUQD GDV UROGDQDV GR FkPELR WUDVHLUR $SOLTXH R yOHR QDV IUHVWDV GR HL[R GDV UROGDQDV TXH HOH YDL HVFRUUHU SDUD GHQWUR H OXEULILFDU DV HVIHUDV /XEULILTXH WDPEpP WRGRV RV SRQWRV TXH WrP PRYLPHQWR QR FkPELR GLDQWHLUR H WUDVHLUR FRPR HL[RV H SLY{V 6H SUHIHULU XVH RXWUR yOHR PDLV EDUDWR $Wp PHVPR R 6LQJHU YDL EHP QHVVH FDVR 0$187(1d­2 3(5,Ï',$ RP D FRUUHQWH EHP OLPSD H OXEULILFDGD YRFr YDL QRWDU XPD SHOtFXOD ~PLGD GH yOHR VREUH D FRUUHQWH 4XDQGR HVVD SHOtFXOD GHU OXJDU D XP EULOKR PHWiOLFR p VLQDO TXH HVWi QD KRUD GH QRYD DSOLFDomR GH yOHR 6HPSUH TXH YROWDU GH XPD SHGDODGD H[DPLQH R HVWDGR GD FRUUHQWH 6H RV HORV VH DSUHVHQWDUHP VHFRV H FRP EULOKR PHWiOLFR p VLQDO TXH HOD SUHFLVD GH XPD QRYD DSOLFDomR GH OXEULILFDQWH /LPSH D FRUUHQWH FRP XP SDQR VHFR H DSOLTXH R OXEULILFDQWH FRPR GHVFULWR QRV SDVVRV D $V UROGDQDV H RV SLY{V GH FkPELR OHYDP PDLV WHPSR SDUD SHUGHU D OXEULILFDomR $ SHULRGLFLGDGH GD UHDSOLFDomR GR yOHR YDL GHSHQGHU PXLWR GDV FRQGLo}HV GR SLVR RQGH YRFr URGRX 8VH R ERP VHQVR H YHULILTXH GH SHUWR D FRQGLomR GD FRUUHQWH (VWUDGDV GH WHUUD FRP ODPD ODYDP D OXEULILFDomR ORJR QRV SULPHLUR PHWURV -i XPD ELNH GH FLFOLVPR TXH URGD HP XPD HVWUDGD GH DVIDOWR VHFD WHUi PDLRU GXUDELOLGDGH GD OXEULILFDomR 4XDQGR YRFr QRWDU TXH R SDQR VHFR QmR p R VXILFLHQWH SDUD UHPRYHU D VXMHLUD H GHL[DU D FRUUHQWH OLPSD p KRUD GH WURFDU R yOHR GD FRUUHQWH RX VHMD ID]HU WRGD D OLPSH]D FRPSOHWD GHVFULWD DFLPD FRP TXHURVHQH VDEmR HP Sy HWF 1RYDPHQWH p R HVWDGR GD FRUUHQWH TXH YDL GHWHUPLQDU R PRPHQWR H[DWR GH VH ID]HU D QRYD OLPSH]D FRPSOHWD 2 SHUtRGR YDL YDULDU 4XHP URGD HP DVIDOWR OLPSR p XPD FRLVD TXHP URGD QD ODPD FRP XPD PRXQWDLQ ELNH p RXWUD 8VH R ERP VHQVR ',$ (P SHGDODGDV ORQJDV NP GH HVWUDGD RX NP GH PRXQWDLQ ELNH
  • 112. OHYH VHPSUH FRP YRFr XPD HPEDODJHP FRP yOHR 6H QRWDU TXH D FRUUHQWH FRPHoRX D ID]HU EDUXOKR H R EULOKR PHWiOLFR UHDSDUHFHX p VLQDO TXH p KRUD GH SDUDU H UHSOLFDU R OXEULILFDQWH 8PD HPEDODJHP SHTXHQD GH 1RYDOJLQD PO
  • 113. p XPD H[FHOHQWH HPEDODJHP SDUD OHYDU R yOHR HP XPD SHGDODGD $OJXQV DWOHWDV GH PRXQWDLQ ELNH FRVWXPDP LPSURYLVDU XPD VHULQJD KLSRGpUPLFD FRPR DSOLFDGRU GH yOHR TXH SRGH VHU DFLRQDGD FRP D ELNH HP PRYLPHQWR SDUD GLVSXWDU SURYDV ORQJDV FRPR D 9ROWD D 6 HP 07% HUDSLy H RXWUDV /8%5,),$17(6 2 OXEULILFDQWH QDFLRQDO 3Uy %LNH QmR GHL[D QDGD D GHYHU HP UHODomR DRV LPSRUWDGRV FRP XP SUHoR GH DWp LQIHULRU HOH p R SULPHLUR OXEULILFDQWH GR 3DtV D XVDU VLOLFRQH LPSRUWDGR HP VXD IyUPXOD 6HXV DGLWLYRV JDUDQWHP H[FHOHQWH GXUDomR PDLRU TXH D GRV VLPLODUHV LPSRUWDGRV 6HUYH WDQWR SDUD FOLPD VHFR TXDQWR FKXYRVR $ )LQLVK /LQH IDEULFD WUrV GLIHUHQWHV WLSRV GH OXEULILFDQWHV TXH WrP DSOLFDo}HV GLVWLQWDV
  • 114. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 115. URVV RXQWU 0DLV XVDGR QR PRXQWDLQ ELNH (VWH yOHR VLQWpWLFR VXSRUWD EHP WHUUHQRV PROKDGRV H ODPD 7HP DGLWLYRV DQWLGHVJDVWH H DQWLIULFomR 'XUD PDLV QD FRUUHQWH SRU VHU PDLV YLVFRVR 7HIORQ 3OXV ¬ EDVH GH WHIORQ HOH p PDLV VHFR TXH R FURVV FRXQWU SRU LVVR p R SUHIHULGR SRU FLFOLVWDV GH VSHHG H PRXQWDLQ ELNHV TXH URGDP PDMRULWDULDPHQWH QR DVIDOWR e PDLV OLPSR TXH R URVV RXQWU .U 7HFK )HLWR j EDVH GH XP SURGXWR GD 'X 3RQW FKDPDGR .UWR[ TXH p XP ILOPH OXEULILFDQWH j EDVH GH SDUDILQD 0DQWpP D FRUUHQWH OLPSD SRU PDLV WHPSR H UHGX] RV UXtGRV PDV GXUD EHP PHQRV QD FRUUHQWH SRLV p PXLWR VHFR +,67Ï5,$ '2 3('$/ 'RV PRGHORV DQWLJRV DRV GH HQFDL[H D HYROXomR GR SHGDO 3RU 0DUFRV $GDPL 2 WHPSR SDVVRX H HYROXLX SDUD RV SHGDLV WDPEpP 'HVGH RV VLPSOHV SHGDLV SODWDIRUPDV DTXHOHV FRPXQV
  • 116. DWp PRGHUQRV SHGDLV GH HQFDL[H TXH WHPRV KRMH 6mR YiULRV WLSRV GH SHGDLV SDUD GLYHUVDV ILQDOLGDGHV 9HMD RV SULQFLSDLV WLSRV H VXD DSOLFDomR 3/$7$)250$ 'HVGH TXH ELNH p ELNH HOHV H[LVWHP H VmR PDLV RX PHQRV LVVR Dt ([LVWHP PRGHORV OLVRV RXWURV WrP UDQKXUDV SDUD HYLWDU TXH RV SpV HVFRUUHJXHP 3RGHP VHU UHFREHUWRV FRP ERUUDFKD 2 PDWHULDO SRGH VHU DoR DOXPtQLR H DWpQKDDDF
  • 117. SOiVWLFR $ PDLRULD SRVVXL UHIOHWRUHV QD GLDQWHLUD H WUDVHLUD '( *5$032 ( 255(,$6 e FRLVD DQWLJD 1DVFHX SDUD HTXLSDU DV ELNHV GH FRUULGD QR SULQFtSLR GR VpFXOR SDVVDGR RP RV SpV SUHVRV QRV SHGDLV R FLFOLVWD SURGX] PDLV HQHUJLD SRLV HOH WDPEpP SX[D R SHGDO SDUD FLPD GXUDQWH D SHGDODGD 2V SpV ILFDP SUHVRV QR JUDPSR H QDV FRUUHLDV $SUHVHQWD VpULRV ULVFRV SRLV HP FDVR GH TXHGDV VH R Sp QmR GHVHQFDL[DU QR DWR GD TXHGD D ELNH DUUDVWD H SRGH IHULU VHULDPHQWH R FLFOLVWD +RMH H[LVWHP DLQGD ELNHV TXH YrP HTXLSDGDV FRP HVVH WLSR GH SHGDO
  • 118. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 119. '( (1$,;( $ HYROXomR GR SHGDO 2 VLVWHPD FOLSOHVV VHP JUDPSR HP LQJOrV
  • 120. WHYH VXD RULJHP QR HVTXL e VpULR 2V HVTXLDGRUHV GLVSXQKDP GH XP VLVWHPD GH HQFDL[H GH VHXV SpV VREUH R HVTXL 2V LWDOLDQRV GD LQHOOL IRUDP RV SULPHLURV D XVDUHP D FDEHoD H FRORFDUHP HQFDL[H QR SHGDO GH ELNH 2 SHGDO LQHOOL V 0 IRL R SULPHLUR SHGDO GH HQFDL[H D VHU FRQKHFLGR QR LQtFLR GD GpFDGD GH 2V SHGDLV GH HQFDL[H VmR PXLWR VHJXURV H VH GHVSUHQGHP UDSLGLQKR GRV SpV PHVPR HP FDVR GH TXHGDV UiSLGDV H LQHVSHUDGDV )XQFLRQDP FRP XPD SHoD TXH p SDUDIXVDGD j VDSDWLOKD RV WDTXLQKRV RX SDWLOKDV HP 3RUWXJDO
  • 121. TXH VH HQFDL[DP DRV SHGDLV H Dt ILFDP SUHVRV FRP R DX[tOLR GH PRODV WHQVRUDV 6y VDHP TXDQGR R FLFOLVWD IL]HU PRYLPHQWR ODWHUDO SDUD GLUHLWD RX HVTXHUGD
  • 122. 1R YiFXR GD LQHOOL D IUDQFHVD /RRN HP DEULO GH IH] VXFHVVR FRP XP QRYR PRGHOR GH SHGDO GH HQFDL[H H R WLSR /RRN GRPLQD R PHUFDGR DWp KRMH RQKHoD RV PRGHORV GH SHGDLV GH HQFDL[H H[LVWHQWHV KRMH QR PHUFDGR /22. 4XDVH GRV FLFOLVWDV EUDVLOHLURV XVDP HVVH VLVWHPD 2IHUHFH ERD EDVH SDUD RV SpV 2V PRGHORV PHOKRUHV VmR RV TXH SRVVXHP UHJXODJHP GH WHQVmR H GH PRYLPHQWR ODWHUDO GRV SpV $V PDUFDV PDLV FRPXQV VmR D SUySULD /RRN 7LPH H DPSDJQROR $ LQHOOL LQYHQWRX R FOLSOHVV H D /RRN IH] GHOH XP VXFHVVR FRPHUFLDO 63' 8WLOL]DGRV QR PRXQWDLQ ELNH 6mR SHTXHQRV H QRUPDOPHQWH WrP HQFDL[H GRV GRLV ODGRV GR SHGDO SDUD IDFLOLWDU R HQFDL[H GR Sp 2V PDLV FRPXQV VmR GD PDUFD 6KLPDQR :HOO *R 6FRWW H 6SHFLDOL]HG 63'5 e D YHUVmR 63' SDUD DV ELNHV GH VSHHG FRQFRUUHQWH GLUHWR GR /RRN 6H SXGHU HVFROKHU HVFROKD R /RRN TXH DOpP GH SURSRUFLRQDU XPD PHOKRU EDVH SDUD RV SpV QD VXELGD p TXH VH VHQWH LVVR
  • 123. DLQGD p PDLV IiFLO DFKDU SHoDV GH UHSRVLomR H WDTXLQKRV 3RXFR XVDGRV QR %UDVLO 6KLPDQR p D PDUFD PDLV FRQKHFLGD GHVVH WLSR DOLiV p D LQYHQWRUD GHVVH WLSR GH SHGDO 7,0( $7$ RQFRUUHQWH GLUHWR GRV 63' 6mR IiFHLV GH HQFDL[DU H GHVHQFDL[DU PHVPR QR EDUUR GL] D IiEULFD 1D KRUD GD SUHVVD p LVVR TXH LPSRUWD 2 VLVWHPD GH UHJXODJHP GH WHQVmR p DXWRPiWLFR 1D IRWR XP PRGHOR HP FDUERQR FRP WLWkQLR %0; 6mR XP PLVWR GH SHGDO SODWDIRUPD FRP XP HQFDL[H WLSR 63' QR FHQWUR 6mR yWLPRV SDUD SUDWLFDU IUHHULGH SDVVHLR SRU WULOKDV H SHOR FDPSR
  • 124. H SDUD TXHP WDPEpP DQGD GH PRXQWDLQ ELNH SHOD FLGDGH 4XDQGR R ELNHU TXHU DSHQDV VDLU H SDVVHDU GH WrQLV D SODWDIRUPD HVWi Oi SDUD GDU DSRLR DRV SpV %RD LQYHQomR
  • 125. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
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  • 143. 5DLRV WUiV 7HDP 5LWFKH SUHWRV ¶ IDEULFDGRV SHOD '7 6ZLVV
  • 144. (QUDLDPHQWR IUHQWH UX]DPHQWR WULSOR
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  • 157. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV (PDLO FDUORVPNWQHW#KRWPDLOFRP $SyV DTXHOH WUHLQR PDOXFR QXP GLD GH VRO FDSDFHWH QR YDUDO j VRPEUD SDUD VHFDU 1mR R JXDUGH XVR ¬V YH]HV p QHFHVViULR ODYDU FRP VDEmR QHXWUR DV HVS WLUDV SRGHP VHU OLPSDV FRP XP SDQR HPEHELGR HP VDEm LQWHUQD GR FDVFR WDPEpP SRGH VHU OLPSD FRP XP SDQR 3DUD GHL[DU VHX FDSDFHWH EULOKDQGR H FRQVHUYDU D SL YH]HV SRU DQR FRP FHUD SDUD DXWRPyYHLV GR WLSR *UD %LNHU FRQWD FRPR WUDQVIRUPRX VXD DORL QXPD VSHHG GH PDUFKDV 6RX XP DPDQWH GR PRXQWDLQ ELNH PDV FRPR PRUR ORQJH URGDU QR DVIDOWR VH TXLVHU SHGDODU (QWmR ILFD DTXH WULOKD H DVVLP SRU GLDQWH +i WHPSRV YLQKD SHQVDQGR QXPD VSHHG PDV DFDER JDVWDQGR WRGR VDLR GLVVR $Wp R GLD HP TXH DFKHL QD ZHE D JDOHUD QDV DORL 0DO FRPHFHL PLQKD EXVFD SHOD DORL H Mi DFKHL XP GHVWLQR HOD HVWDYD QR VDOmR GH IHVWDV GR SUpGLR GH QLQKD QRLYD (VWDYD Oi ODUJDGD WRGD RULJLQDO H FRPSOHWDPHQWH H 0LQKD VRJUD FRQYHUVRX FRP D SURSULHWiULD H SRU 5 HVWDYD HP PLQKDV PmRV KHJDQGR HP FDVD HX ROKHL SDUD HOD H HOD ROKRX SDU SHQVDPRV MXQWRV H DJRUD 3HVTXLVDV H PDLV SHVTXLVDV XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 158. 216(59$d­2 ( /,03(=$ $SyV DTXHOH WUHLQR PDOXFR QXP GLD GH VRO VXRU GH FDYDOR TXH FDL SUD WRGR ODGRR FRUUHWR FDSDFHWH QR YDUDO j VRPEUD SDUD VHFDU 1mR R JXDUGH PROKDGR GH VXRU 6H SUHIHULU SDVVH XPD iJXD DSyV ¬V YH]HV p QHFHVViULR ODYDU FRP VDEmR QHXWUR DV HVSXPDV LQWHUQDV SDUD WLUDU R RGRU 2 FRUSR H[WHUQR H DV WLUDV SRGHP VHU OLPSDV FRP XP SDQR HPEHELGR HP VDEmR p FRPXP RFRUUHU GHSRVLWR GH VDO QDV WLUDV $ SDU LQWHUQD GR FDVFR WDPEpP SRGH VHU OLPSD FRP XP SDQR FRP iJXD H VDEmR 3DUD GHL[DU VHX FDSDFHWH EULOKDQGR H FRQVHUYDU D SLQWXUD FRPR QRYD EDVWD HQFHUDU R FDVFR XPD RX GXDV YH]HV SRU DQR FRP FHUD SDUD DXWRPyYHLV GR WLSR *UDQG 3UL[ GHL[DU VHFDU H SROLU FRP XPD IODQHOD VHFD 5()250$ $/2, %LNHU FRQWD FRPR WUDQVIRUPRX VXD DORL QXPD VSHHG GH PDUFKDV 6RX XP DPDQWH GR PRXQWDLQ ELNH PDV FRPR PRUR ORQJH GDV WULOKDV WULOKD Vy GH ILP GH VHPDQD
  • 159. WHQKR TXH URGDU QR DVIDOWR VH TXLVHU SHGDODU (QWmR ILFD DTXHOH OHQJDOHQJD GH FRORFDU SQHX VOLFN SDUD DVIDOWR H FUDYR SD YLQKD SHQVDQGR QXPD VSHHG PDV DFDER JDVWDQGR WRGR R GLQKHLUR FRP D PRXQWDLQ ELNH H QXQFD VDLR GLVVR $Wp R GLD HP TXH DFKHL QD ZHE D JDOHUD PDQGDQGR YHU 0DO FRPHFHL PLQKD EXVFD SHOD DORL H Mi DFKHL XPD $UPDGLOKD GR D QR VDOmR GH IHVWDV GR SUpGLR GH QLQKD QRLYD (VWDYD Oi ODUJDGD WRGD RULJLQDO H FRPSOHWDPHQWH HQIHUUXMDGD 0LQKD VRJUD FRQYHUVRX FRP D SURSULHWiULD H SRU 5 D ELFLFOHWD KHJDQGR HP FDVD HX ROKHL SDUD HOD H HOD ROKRX SDUD PLP H SHQVDPRV MXQWRV H DJRUD 3HVTXLVDV H PDLV SHVTXLVDV QD ZHE H RFRPEULQIRORMDDQXQFLRV )RQH
  • 160. VXRU GH FDYDOR TXH FDL SUD WRGR ODGRR FRUUHWR p FRORFDU VHX PROKDGR GH VXRU 6H SUHIHULU SDVVH XPD iJXD DSyV R GRU 2 FRUSR H[WHUQR H DV R p FRPXP RFRUUHU GHSRVLWR GH VDO QDV WLUDV $ SDUWH D FRPR QRYD EDVWD HQFHUDU R FDVFR XPD RX GXDV QG 3UL[ GHL[DU VHFDU H SROLU FRP XPD IODQHOD VHFD GDV WULOKDV WULOKD Vy GH ILP GH VHPDQD
  • 161. WHQKR TXH OHQJD GH FRORFDU SQHX VOLFN SDUD DVIDOWR H FUDYR SDUD R GLQKHLUR FRP D PRXQWDLQ ELNH H QXQFD
  • 162. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 163. GHFLGL (VVD ELNH YDL URGDU H HX YRX ID]HU LVVR 'LD VHJXLQWH DSyV GHVPRQWiOD WRGLQKD H FRORFDU DV SHoDV GH PROKR QR yOHR GLHVHO IXL j ORMD GH WLQWDV H FRPSUHL UHPRYHGRU GH WLQWDV 5
  • 164. H SDOKD GH DoR JURVVD 5
  • 165. 'HX XP WUDEDOKR GH GRLV GLDV SDUD UHPRYHU D SLQWXUD 5HDOPHQWH HUD XPD yWLPD SLQWXUD 1D VHTrQFLD HX OLPSHL EHP R TXDGUR H R JDUIR H PDLV GRLV GLDV GH PROKR QR UHPRYHGRU GH IHUUXJHP 5
  • 166. MXQWR FRP DV SHoDV WDPEpP 3UDWLFDPHQWH D ELFLFOHWD WRGD GH PROKR ( FKHJRX D SDUWH PDLV FKDWD R OL[DPHQWR SRLV DLQGD WLQKD PXLWD IHUUXJHP 3DVVHL GRLV GLDV GH OL[DOL[D H ILQDOPHQWH HOD HVWDYD OLYUH GH FRUURV}HV /DYHLD FRP iJXD H VDEmR HQ[XJXHL EHP H GHL[HL WRPDQGR VRO SDUD FRPHoDU D SLQWDU 3LQWDU p GLYHULGR RPR QmR WHQKR FRPSUHVVRU H HX PHVPR TXHULD ID]HU WXGR WLYH TXH XVDU R QRVVR DPLJR VSUD RPSUHL R VSUD ³IXQGR SULPHU´ SRU 5 H HVFROKL FRPR FRU R SUHWR IRVFR GXDV ODWDV VDL SRU 5
  • 167. GHL WUrV DSOLFDGDV GH SULPHU TXDGURJDUIRJXLGmRDURVFXERFkPELRVSDVVDGRUHV
  • 168. H KRUDV GHSRLV SDVVHL XPD OL[D G iJXD Qž 5
  • 169. SUD QLYHODU WXGR H ILFDU OLVLQKR $SyV WXGR OLPSR GHL[H QR VRO QRYDPHQWH KHJD KRUD GD SLQWXUD )RUDP DR WRGR FLQFR SDVVDGDV GH WLQWD HP WXGR )LFRX WXGR SUHWR IRVFR 'HSRLV GH KRUDV D ELFLFOHWD Mi HVWDYD SHGLQGR SDUD VHU PRQWDGD H Oi YDPRV QyV RPSUHL XPD ILWD GH JXLGmR YHUPHOKD FRP SUHWR 5
  • 170. XP FDQRWH SUHWR IRVFR GH DOXPtQLR 5
  • 171. XP VHOLP SUHWR H YHUPHOKR TXH HX Mi WLQKD GD PRXQWDLQ ELNH XP SDU GH IUHLRV GH DOXPLQLR GH VSHHG 5
  • 172. H IXL YLVLWDU R $OEHUWR ZZZDOEHUWRELFLFOHWDVFRPEU
  • 173. SDUD PRQWDUPRV D ELNH ( p PHVWUH HP PRQWDU HVVDV ELFLFOHWDV /i SUHFLVDPRV WURFDU R SHGLYHOD H RSWHL SRU XP 7UDFHU 'XUDEL GH WUrV FRURDV 5
  • 174. H R FRQMXQWR GH FDERV FkPDUD GH DU PRYLPHQWR FHQWUDO EORFDJHQV UDLRV H DOLQKDPHQWR GH URGDV 5
  • 175. $ FDL[D GH GLUHomR H RV FXERV HVWDYDP yWLPRV 2 FkPELR WDPEpP TXH DJRUD HUDP SUHWR IRVFR $ FDWUDFD QRYLQKD SHOR YLVWR HVVD FDORL WLQKD VLGR PXLWR SRXFR XVDGD $V SRXFDV SHoDV GH DOXPtQLR OLPSHL FRP SDOKD GH DoR ILQD H SDVWD SDUD GDU EULOKR H ILFDUDP QRYDV 2V SQHXV SHGDLV ILUPDSp FRUUHQWH H PmRGHREUD IRUDP SUHVHQWH GR $OEHUWR $JRUD Vy IDOWDYD R FKDUPH GRV DGHVLYRV GD DORL ,VVR IRL IiFLO JUDoDV DR KULV ZZZYHJDQSULGHFRP
  • 176. TXH p FROHFLRQDGRU GH ELFLFOHWDV DQWLJDV (OH WLQKD XPD FDUWHOD GH DGHVLYRV GD DORL EUDQFRV ILFDUDP SHUIHLWRV 7HUPLQDGR R VHUYLoR TXH OHYRX XP PrV GHVGH TXH DFKHL HOD QR VDOmR GH IHVWDV (OD HVWi URGDQGR QR DVIDOWR PDFLD H FRQIRUWiYHO H QmR p PDLV XPD DORL H VLP XPD DORL ( QR ILQDO GDV FRQWDV DFDER SDVVDQGR PDLV WHPSR HP FLPD GD DORL YXOJR DORL GXUDQWH D VHPDQD GR TXH QD PLQKD PRXQWDLQ XPD *7 L'ULYH 4XDOTXHU VHPHOKDQoD FRP D /RRN .* QmR p PHUD FRLQFLGrQFLD
  • 177. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 178. ,/,602 (21Ð0,2 ,QWHUQDXWD HQVLQD RV VHJUHGRV SDUD XPD VSHHG SRSXODU (VWD ELNH IRL PRQWDGD D SDUWLU GD UHXQLmR GH SHoDV GH GLYHUVDV RULJHQV DOJXPDV LQFOXVLYH DGDSWDGDV GH RXWURV PRGHORV 2 TXDGUR XWLOL]DGR HVWDYD SDUDGR QR IXQGR GD RILFLQD GD 7RWDO %LNH 6XD JHRPHWULD p GH XP PRGHOR WXULVPR )HLWR HP FURPR FDFKLPEDGR FDFKLPERV VmR SHTXHQDV OXYDV TXH VHUYHP GH HQULMHFLPHQWR H MXQomR HQWUH RV GLYHUVRV WXERV GR TXDGUR
  • 179. D SULPHLUD SUHRFXSDomR IRL UHPRYHU D WLQWD YHOKD H YHULILFDU DOJXP SRVVtYHO FRPSURPHWLPHQWR HP VXD HVWUXWXUD )HLWD D LQVSHomR IRL HQFDPLQKDGR SDUD R GHYLGR WUDWDPHQWR TXtPLFR H QRYD SLQWXUD 2 PDLRU SUREOHPD REVHUYDGR QR TXDGUR IRL D DXVrQFLD GH SDVVDGRUHV GRV FDERV GR FkPELR 'XDV VROXo}HV VH DSUHVHQWDUDP VROGDU RV SDVVDGRUHV H IXUDU R TXDGUR HPEDL[R GR PRYLPHQWR FHQWUDO SDUD D FRORFDomR GD JXLD GH QORQ RX XWLOL]DU WUrV EUDoDGHLUDV RULJLQDLV GD DORL 8WLOL]DU VROGD QXP TXDGUR p VHPSUH XP ULVFR SRLV R DTXHFLPHQWR DR TXDO HOH p VXEPHWLGR SRGH FDXVDU DOJXP SUREOHPD GH GHVDOLQKDPHQWR QRV WXERV 3RU HVWD UD]mR DGRWRXVH D VROXomR GDV EUDoDGHLUDV 2XWUR SUREOHPD IRL D DXVrQFLD GR JDUIR RULJLQDO 2SWRXVH SRU XP PRGHOR HP FURPR FRP DOWXUD GR SHVFRoR GH XQLmR FRP R TXDGUR GH PP RPR HOH p FURPDGR D DSDUrQFLD ILQDO GR FRQMXQWR OHPEURX RV TXDGURV IDEULFDGRV SRU (GG 0HUFN[ ZZZHGGPHUFN[FRP
  • 180. $V URGDV XWLOL]DGDV SHOR TXDGUR VmR DV PP DWXDOPHQWH SDGUmR GH PHUFDGR QDV VSHHG DEH DTXL DOJXQV FRPHQWiULRV VREUH DV PHGLGDV GHVWD URGD 2V SQHXV XWLOL]DGRV IRUDP RV 0D[[LV [ PP *UDYDGR QR SQHX Ki XPD OLQKD TXH GHOLPLWD R ILP GD FLUFXQIHUrQFLD GR DUR H R LQtFLR GD SDUHGH GHVFREHUWD GD ERUUDFKD H XPD LQGLFDomR GR GLkPHWUR GHVWD OLQKD SRO RX PP
  • 181. 2 SQHX PRQWDGR QR DUR H LQIODGR PHGH DSUR[LPDGDPHQWH PP GH GLkPHWUR 6H WRPDUPRV XPD OLQKD UHWD LPDJLQiULD TXH FRPHoD QR HL[R GR SDUDIXVR TXH SUHQGH R IUHLR GLDQWHLUR DR JDUIR RX R WUDVHLUR DR TXDGUR SDVVD SHOR FHQWUR GD URGD H WHUPLQD QD IDFH GR SQHX WHUHPRV XPD GLVWkQFLD GH PP YHU ILJXUD
  • 182. *RVWDULD TXH DOJXQV GRV OHLWRUHV GHVWH WH[WR SXGHVVHP FRQILUPDU VH HVWD GLVWkQFLD p D TXH Gi RULJHP DRV PP JUDIDGR QR SQHX 2XWUR GHWDOKH FXULRVR IRL TXH DSHVDU GR SQHX GHFODUDU XP ODUJXUD GH PP HOH DSUHVHQWRX DSHQDV PP LQIODGR 2V DURV DGRWDGRV IRUDP RV 7HFQDOO GH SDUHGH GXSOD 3DUD HQWHQGHU PHOKRU R TXH VmR DURV GH SDUHGH VLPSOHV GXSOD QRUPDO RX DHUR Gr XPD ROKDGD HP ZZZFURQRPHWURFRP QR LWHP ZKHHOV 4XDQWR j WUDQVPLVVmR DGRWRXVH SHGLYHOD 7UDFHU GHQWHV
  • 183. FDWUDFD 6KLPDQR GHQWHV
  • 184. FkPELRV GD OLQKD 56; WDPEpP GD 6KLPDQR H FXERV GH URGD GH IODQJH DOWD RULJLQDLV GD DORL DVVLP FRPR R SDVVDGRU GH PDUFKDV QmR LQGH[DGR
  • 185. DUORV $OEHUWR ± XUVRV H $SRVWLODV 'LJLWDLV KWWSZZZTXHEDUDWRFRPEULQIRORMDDQXQFLRV (PDLO FDUORVPNWQHW#KRWPDLOFRP )RQH
  • 186. 1HVWH LWHP WUrV RSo}HV EiVLFDV VH DSUHVHQWDUDP XP JUXSR GH SHoDV WUDGLFLRQDO FRP SDVVDGRU GH PDUFKDV LQGH[DGR LQWHJUDGR j PDQRSOD GH IUHLRV RSomR QRUPDOPHQWH FDUD
  • 187. IXUDU R TXDGUR QR WXER TXH YDL GR JDUIR j SHGLYHOD H DSDUDIXVDU XP SDVVDGRU GH PDUFKD LQGH[DGR VROXomR EDVWDQWH XWLOL]DGD SRUpP PXLWR GLVFXWtYHO SRLV SRGH KDYHU XP FRPSURPHWLPHQWR GD UHVLVWrQFLD GR TXDGUR MXVWDPHQWH QXPD UHJLmR DRQGH HOH p EDVWDQWH VROLFLWDGR
  • 188. RX D VROXomR DGRWDGD XP SDVVDGRU GH DORL QmR LQGH[DGR H SUHVR DWUDYpV GH XPD DEUDoDGHLUD DR VXSRUWH GH JXLGmR WDPEpP GD DORL 'LDRPSH
  • 189. $ YDQWDJHP GHVWD VROXomR IRL VHU UHYHUVtYHO SRLV DOpP GH QmR GDQLILFDU R TXDGUR SHUPLWH D WUDQVIRUPDomR SDUD D SULPHLUD RSomR IDFLOPHQWH 4XDQWR j FDWUDFD HVWXGRXVH GXDV VROXo}HV XP PRGHOR 5HJLQD GHQWHV
  • 190. SUySULD SDUD URGDU HP HVWUDGDV RX R DGRWDGR PDLV GLUHFLRQDGR SDUD SDVVHLR 2V IUHLRV DGRWDGRV HP IXQomR GDV FDUDFWHUtVWLFDV GR TXDGUR IRL R PRGHOR 5; GD 6KLPDQR 2 VHOLP GD 6HOOH 5RDO HP JHO 2 JXLGmR HP DOXPtQLR GD .DOOR QR WDPDQKR FP GLItFLO GH DFKDU XPD YH] TXH R LPSRUWDGRU HVWi WUD]HQGR DSHQDV R WDPDQKR FP LGHDO SDUD XPD DORL PDV XP SRXFR JUDQGH SDUD XPD VSHHG
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